If you take the lump sum payment, you would get $513 million in cash — but it's not that simple

Lottery winners can choose from two payment options: lump sum or annuity. But you don't get anything near the sticker price with either option, and that's largely because of taxes.

On the lump-sum payment plan, you'd get a one-time payment of $513 million, per USA Mega. But after federal taxes, which come at a rate of 24%, the total payment would be about $390.18 million, according to the site's estimate.

It's worth noting that this is just an estimate, as the federal tax rate for the lump-sum option usually ends up closer to the maximum federal income tax rate, which is 37% this year, making the take-home prize that much smaller.

But, on top that, the lottery payment is also subject to state taxes, which vary. In states like California or Texas where there are no additional taxes on lottery payouts, the net prize remains the same. But in states like New York, your net payout would be about $344.98 million, as the state tax rate on lottery prizes is 8.82%, per USA Mega.

The payout with the annuity plan would be higher in the end, but you'd have to wait for it to accrue

On the annuity plan, you'd get 30 regular payments instead of one large one. Before taxes, the payments would be about $30 million each, totaling close to $900 million over time, per USA Mega. However, when taxed at the federal rate of 24%, those regular payments would decrease to $22.8 million, the site estimated.

Just like the lump-sum payment, the annuity plan is subject to state taxes. If you live in a state that taxes lottery prizes, your winnings might be depleted even more — especially if you're a Maryland resident, where lottery payments are taxed by 8.7%. In the case of an annuity, Marylanders would be looking at an annual payment of $20.1 million, totaling $605.25 million, according to USA Mega.

The next Mega Millions drawing will happen on Friday at 11 p.m. ET. If a winning ticket isn't pulled, the prize money will continue to balloon.